Federal Reserve chair is under bombardment from Donald Trump and battling an insurgency within the central bank

Powell has never responded directly to Trump's provocations, and I, personally, expect this issue to play a predominant role at his latest meeting in Jackson Hole, perhaps even more so than the interest rate discussion. The independence of central banks is much more important than a 25 basis point change in the coming month.

Financial markets are taking in a collective breath ahead of Jerome Powell's eighth and final keynote Jackson Hole speech as Federal Reserve Chair. If the moves following his last seven are any guide,

The U.S. dollar hovered below a one-week high on Thursday and European stock markets opened flat as investors braced for three days of potentially market-moving news from the Federal Reserve's annual symposium in Jackson Hole.

The U.S. government bond market has been quiet this month as investors wait to gauge the vibes at Jackson Hole, a gathering of the most powerful voices in policymaking. The tone at the annual economic symposium on Friday can reawaken the market and set its trajectory ahead.